Siem Reap, an infamous city in Northwestern Cambodia housing the incredible Angkor Wat Temple, is the ideal place to live after retirement.
The beauty of Siem Reap has mesmerized everyone who has ever visited or lived there. The cambodiacity's real estate business has increased due to the country's growing economy, and people worldwide have started investing. From its affordable cost of living to its rich historical and cultural heritage, this second-largest city in Cambodia has everything to offer its residents.
If you’re planning to purchase a property in Siem Reap, you need to assist a reputable, renowned and rewarded local real estate agent for locking in the best deal. IPS Cambodia is one of Cambodia's most reputable real estate agents that helps investors find the best property options in Siem Reap according to their requirements. Visit the website or contact the expert to learn more.
Meanwhile, if you’re looking for the benefits of living in the city, this blog covers you. Scroll down to know the facts that you, as an investor, must be aware of!
A Glance Into Siem Reap’s Real Estate
Due to the main attraction being Angkor Wat temple in the city, you won’t see tall buildings and big condos there. However, the city is more about subtle architecture.
Though it is behind Phnom Penh, the real estate business is picking up in Siem Reap, and tourism has attracted many business prospects for hotels, guesthouses and rented properties. Old renovated properties are becoming popular in the area too.
The cost of living is so low in Siem Reap that at around 580-650 USD, a person can live there for a month with all facilities.
Where to Invest in Siem Reap?
For different purposes, different places are famous, and investments should be made based on needs and plans. Take a look at what to find where:
- Residential properties, hotels, and commercial buildings- Sala Kamreuk, Wat Bo, Night Market
- Villas for expats- Svay Dangkum, Slor Kram
- Restaurants, bars, hotels, etc.- Wat Damnak, Old French Quarter
- Near village- Chreav, Bakong, Wat Athvear, Kouk Chak, Sambour
Real Estate Pricing Factors in Siem Reap
Different areas will cost you differently; commercial areas with bars and markets will be more expensive than only residential areas, which will be more expensive than rural and semi-rural areas. Places like Kouk Chak have $200-$400 monthly rent, and land in Sambour can be bought for as cheap as $60, but only for the locals, as foreigners cannot buy land in Cambodia. Whereas apartments in Night Market can have rent up to $1000 per month and Svay Dangkum up to $2000. The busier and more attractive the place, the higher will be the price.
Legalities for Property Investment in Siem Reap
The main points to remember are:
- Foreigners can own properties and not land. If buying land, foreigners can own only 49% of it, and a Cambodian should own the rest.
- A foreigner cannot own the ground floor of any building.
- Co-sharing buildings have been made where people can buy different units, and a foreigner can own as much as 70%.
- A buyer should have a valid passport and visa.
Then there is the concept of titles in Cambodia: Soft, hard and strata. A soft title is only recognised by the local government but is easier to get. In contrast, a hard and strata title is recognised by the national government and is challenging. The taxes and process to obtain the latter is higher and more rigid. A strata title is given to people with co-sharing buildings.
Buying and selling the property will mean paying taxes, and Cambodia has very little property investment taxes. 0.1% Tax is levied on properties with more than $25,000.
Conclusion
With a growing economy, development plans in action and many interested investors, Siem Reap sees a bright future ahead. Since the government has already made it easier for foreigners to invest in property, IPS-Cambodia is also there to assist you through the process. Connect with property experts in Siem Reap now to grab the best deals.
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